A SUGGESTION FOR POSSIBLE SURVIVAL

A SUGGESTION FOR POSSIBLE SURVIVAL

Dear Mr. Lay,

A suggestion that may keep the "wolf from the door".

The Enron corporate structure is already very compartmentalized,
with many separate companies defining the overall business structure.
My suggestion would be to take this concept even further.

Reorganize (before bankruptcy) and allow Enron Corp. to be only a
holding company with each of its current departmental companies
becoming independent "profit center" companies. These new
corporations could negotiate independently with creditors, and even
authorize the exchanging of their equity for additional credit or
refinancing. (Private placements of equity, with a stated goal of
bringing these "profit center" companies public, should interest
creditors and investment banks.)

The creditors could get their assurances. Current stockholders keep
their investments in the holding company (with some perceived dilution);
And long-term, perhaps, Enron emerges as a mini conglomerate like Tyco.

Best wishes, May the Lord be with you and yours,

Kerry J Hodgkinson
9011 Hartzog Street
Orange, Texas 77632